Continuing Jobless Claims Surge Most Since 2009 As Initial Claims Hit 6-Month Highs
Something has changed! After years of consistent down-trend in initial jobless claims, the regime has change since mid-October to an uptrend. This past week saw claims rise 7k to 284k leaving the less-noisy 4-week average at 279k - its highest since early July 2015. Continuing claims also rose to 5 months highs (up over 4% in the last 3 months - the most since June 2009).
This is the largest 3month rise since the end of 2013... (before QE3 was unleashed)
And continuing claims surge by their most since 2009...
What many appears to be unable to grasp is that we have seen the best and history tells us what comes next...
Charts: Bloomberg
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Last BLS jobs number was a total scam, only 3% of new jobs fell in the 25-55 bracket. 97% were minimum wage/part-time jobs in the under 19 or above 55 brackets. Many of these jobs were a holiday surge that will disappear in January. I wonder how they will prop up the totally bogus job numbers next month?
The Fed basing rate raises on this BLS jobs number is insanity. If the Fed continues on this path we will re-enter a recession and job losses will increase. The industrial sector is already in recession bordering on depression in areas like steel, mining and oil producers.
I have to agree with this. Excellent points.